Reckless Consumer Borrowing Keeps Recovery Illusion Afloat


ECONODAY: Consumer credit came in sharply above expectations, up $23.3 billion in July as consumers ran up their credit-card debt after paying down some of it in the previous month. Revolving credit, reflecting credit card debt, rose $10.0 billion after falling an upward revised $0.2 billion previously, while non-revolving credit, where student loans and vehicle financing are tracked, rose $13.3 billion versus June's $14.7 billion...